Hinduja surprises with revised bid for Reliance Capital, tops Torrent offer

Hinduja Global has submitted a revised bid for debt-ridden Reliance Capital to lenders, topping the offer made by Torrent Investment in the auction conducted as part of its resolution process, people in the know of the matter told CNBC-TV18. Sources on Friday, December 23, said that Hinduja Global had revised its offer from Rs 8,110 crore to approximately Rs 9,500 crore, including Rs 8,800-crore cash component. Hinduja's offer amounts to Rs 9,000 crore in net present value terms, sources added.

CNBC-TV18 had earlier reported that only Torrent and Hinduja had participated in the e-auctions, with Torrent making the highest bid of Rs 8,640 crore on Wednesday (December 21) for acquiring the NBFC firm set up by the Anil Ambani Group. CNBC-TV18 had also reported that the Piramal-Cosmea consortium and Oaktree Capital did not participate in e-auction.

Lenders would be reviewing the bids over the next week and analysing the fine print.

The Committee of Creditors is to meet on January 3 to consider bids and decide on voting.

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